Anyone who has been in the property game for a reasonable amount of time will tell you that the debate about renting versus buying has been around for as long as anyone can remember. And much like the debate about which is better: cats versus dogs, it is very found to come up with a definitive answer. There are so many factors that need to be factored in and different requirements for different people. The prevailing trend of thought seems to be that all things being equal, buying is better than renting, but having said that, there are many situations when renting is the way to go. With this in mind, here are a few pros for renting.
Buy yourself time
For most people, there is an almost inevitable gap between moving out of the parent’s home and owning the first property. During that time, before you get onto the property ladder you need a place to stay. And while it is recommended that you do stay at home for as long as possible and save as much money as possible for that first deposit on a property, there does come a time when you don’t want your style cramped too much by mom and dad. Whatever you do though, as you start Googling for ‘houses for rent Blackburn’ or wherever it is that you want to stay, don’t over-commit. Make sure that your rental allows you sufficient leeway to save money every month so that you can save to buy a property eventually. Put a little bit away each month so that you have a deposit available as and when you are ready to buy.
Sample the neighbourhood
If buying is your long-term goal but you are not quite sure of the neighbourhood, then renting is a great way to sample the area. It will immerse you in the suburb of your choice and afford you the opportunity to shop for a permanent dwelling from close up. At the same time, you will see what traffic is like in the area, is there an issue with crime or grime, what about school and shopping. There are so many things that you only discover about a suburb when you are living there – renting for a year while you look for the ideal permanent home is a great way to make sure that you don’t end up with regrets shortly after moving in.
As much as buying a property translates to security and permanence, there are many times in your journey through life where you need to act swiftly and decisively. If for example, you are in the process of getting divorced and moving out of the family home, you almost certainly won’t have time to go through the whole purchasing process. The same would apply when you are accepted to study at a university away from home, you need to find a place and find it quickly. It is in these types of situations that renting works a charm. The timelines involved in finding a place, completing the vetting process and moving in are so much quicker. Similarly, the deposit needed to rent a property is much less than the deposit required buying a house. A month’s rent on one hand versus a significant percentage of the property value on the other.